Hsbc Holdings PLC Makes New $668,000 Investment in Flex LNG Ltd. $FLNG

Hsbc Holdings PLC purchased a new position in Flex LNG Ltd. (NYSE:FLNG) during the first quarter, Holdings Channel.com reports. The firm purchased 22,318 shares of the company’s stock, valued at approximately $668,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FLNG. R Squared Ltd grew its stake in Flex LNG by 32.6% during the 1st quarter. R Squared Ltd now owns 21,897 shares of the company’s stock valued at $651,000 after acquiring an additional 5,387 shares in the last quarter. AdvisorShares Investments LLC acquired a new stake in shares of Flex LNG during the 1st quarter valued at about $556,000. World Investment Advisors bought a new stake in shares of Flex LNG in the 1st quarter valued at approximately $259,000. Financial Life Planners acquired a new stake in shares of Flex LNG in the 1st quarter valued at $43,000. Finally, Tred Avon Family Wealth LLC increased its position in Flex LNG by 33.0% during the first quarter. Tred Avon Family Wealth LLC now owns 34,048 shares of the company’s stock worth $1,012,000 after buying an additional 8,455 shares during the last quarter.

Flex LNG Price Performance

Shares of Flex LNG stock opened at $31.06 on Friday. The company has a current ratio of 2.72, a quick ratio of 2.69 and a debt-to-equity ratio of 2.45. The firm has a fifty day simple moving average of $30.33 and a 200-day simple moving average of $29.59. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 22.18 and a beta of 0.20. Flex LNG Ltd. has a 1-year low of $24.00 and a 1-year high of $33.40.

Flex LNG (NYSE:FLNG) last posted its earnings results on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). The firm had revenue of $80.46 million during the quarter, compared to analyst estimates of $80.35 million. Flex LNG had a net margin of 22.26% and a return on equity of 12.15%.

Flex LNG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 9.7%. The ex-dividend date was Friday, May 29th. Flex LNG’s dividend payout ratio is 214.29%.

Wall Street Analyst Weigh In

FLNG has been the topic of several recent research reports. Kepler Capital Markets set a $25.00 target price on Flex LNG and gave the company a “reduce” rating in a report on Thursday, May 14th. Pareto Securities downgraded Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Wall Street Zen lowered Flex LNG from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Flex LNG in a research note on Wednesday, July 8th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $24.00.

Flex LNG Profile

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company’s core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.